It’s a fantasy game, they don’t have to equal to what we see in the real world.
However, some of the races we see in-game do take some inspiration on our culture. What I infer fo the way they are represented in-game are:
Tauren / Highmountain - American indians
Orcs / Mag’har - Africa
Trolls - Jamaican / Caribbean
Zandalari - Mexico / pre-hispanic cultures in America
Worgen - British
Undead - Northern Europe / British / German (?)
Night elves / Nightborne - Asian
Goblin - Jew people (I know this may sound anti-semitic, but it’s the way Blizzard chose to portray this race with all the Jewish stereotypes).
Humans - humans in general (lacking in races because humans are a race in itself in the game).
Pandaren - Asian
Draenei / lightforged - Aliens
Blood / Void elves - sterotypical elves from novels / sci-fi, etc.
I’m not sure about gnomes. I guess they only draw inspiration in techologically advanced societies as seen in some cyberpunk manga / novels / films.
Sorry if I forgot any race.